Industrial Policy,Financing Constraints And Dynamic Adjustment Of Working Capital

Optimizing the management of working capital can activate the stock capital in the forms of inventory,receivable and payable and so on.It can effectively alleviate the problems of poor inventory sales and the enterprise triangle debt,which plays an important role in preventing enterprises from the risk of debt crisis caused by the cash chain fracture.The dynamic adjustment of working capital is an important behavior in the daily operation of the enterprise,and it is influenced by the external macro environment.As an important macroeconomic regulation measure,industrial policy affects the external financing of the enterprise and the competitive environment of the industry,and then affects the financing constraints of the enterprise and the dynamic adjustment of working capital.Although there have been some studies about the economic cycle,monetary policy and the dynamic adjustment of working capital,there are few studies about the industrial policy,financing constraints and the dynamic adjustment of working capital.Based on this,the paper constructs a dynamic model to test the impact of industrial policy on the dynamic adjustment of working capital by using the financing constraints as the intermediary variable,thus expanding the research boundary of the factors affecting the dynamic adjustment of working capital.The paper takes a sample of A-share manufacturing listed companies from 2001 to 2015,adopts two-stage system GMM estimation,and tests the financing constraints and adjustment of working capital,and so on.The study finds that:(1)There is a significant positive correlation between financing constrains and adjustment of working capital.That is to say,when companies face more serious financing constraints,they will adjust their working capital more quickly;(2)There is a significant positive correlation between industry policy and financing constraints.That is to say,in the long term,industrial policy make financing constraints to companies;(3)Industrial policy accelerate the adjustment of working capital,and the relationship is more pronounced in the private companies;(4)The process of accelerating the adjustment of working capital by the industrial policy is not a complete intermediary process.As a mediator variable,financing constraints just stands a part of the intermediary role.The research on industrial policy,financing constraints and the adjustment of working capital has deepened the level of research on the adjustment of working capital,enriched the research field on the adjustment of working capital,and provided a theoretical basis and empirical evidence for improving the implementation effect of industrial policy.